OUR YORKSHIRE LETTER

Dominion, Volume 8, Issue 2494, 22 June 1915, Page 9

OUR YORKSHIRE LETTER

GOOD WOOLS STILL SELLING BEST .from Our Special norrcspond«nt>l London, May 7, 1915. Another week of sales has passed, and still tho trade finds its interests very largely centred in Coleman Street AVool Exchange. Tho attendance of buyers is a fair average one, but the men assembled on tire Exchange lack some magio power to put vitality into them. AVe cannot say that we are pleased with what has been seen this last week, for instead of there being continued keen- ! ness to acquire the raw material, the , auctions have more or less got down to a somewhat mediocre level, and there is i not that spirit of activity in the bidding which one would like to see. The trade, seems to us to-day to be suffering somewhat from being over-supplied, and so long as there are neither hungry machines nor hungry buyers, prices are hound to suffer. We have foreseen this from the very start, and diroctly the first three days' sales were ovea- one could discern a perceptible slowing down in the competition. Some of the biggest firms are operating on a very limited scale; in fact, they are not half so keen as we have witnessed at previous auctions held during this year. Several firms have previously had important orders from the United States, but are to-day rather "slack-set-up," and evidently have nothing f;om that quarter. Also others who were framing to buy extensively for Russia seem to hare, somewhat backed down, hence tho homo trado is being asked to lift nearly the whole of the offerings, and as far as one can see there is little likelihood of their wants becoming larger, as heavy weights of direct imports are on tho market. How the Sales Co. Looking squarely at tho course of the auctions, we notice that there is still the strongest call for good, shafty combing merinos. This is the direct outcome of several big Bradford, topmakers who, having sold heavily forward, are getting through their direct imports at express speed.' General surprise lias been expressed at the way good merino combing wool is selling, presenting a far different picture to tho short-stapled combing wool, including the faulty classes. AVe certainly think that for even good combing wools the extreme prices of last series are not forthcoming, but tho decline is not more than Jd. Medium sorts appear to us to have lost ground about Id., while for faulty carbonising wools the decline is anywhere from Id. to 2d. The fact is, the whole market is strongest at the point named, and the least loss is to be seen ill the shafty, bold combing wools. .No big weight of South Australian merinos has been catalogued, but all the same wools have sold very well, and commanded good general competition. As far as wo can see topmakers are valuing on a clean scoured basis of about 25d. for really good wools, and the reader will seo that they are going to be able to turn these to good account. Even good shafty-64's wools bought on a 25d. clean scored basis would leave behind an excellent profit. The only displeasing aspect to many is the fact that the home trade is having to lift 97 per cent, of the offerings, neither France nor America being at all in the Tunning. Russia is buying fairly well of • superior scoured merinos ranging anywhere from 2s. 2d. to 2s. 5d., although very few wools indeed are fetching the latter figure. Still we find excellent prices being made, and at a time like the present even limited support from Russia is thankfully received. AA'hen we come to tho ordinary topmaking wools, we certainly think that these show to-day a good Id. decline, and at this fall there is commendable competition. It is tho still more faulty wools, those which are short, hurry, and seedy, which are faring tho worst, and the decline here is very marked. For faulty scoureds in particular there is need of increased Continental competition, but French buyers are giving precious little support, and that is one of the weaknesses of the market to-day. Crossbreds Decline Sharply. The most noteworthy fact in connection with tho current series of sales is the sharp decline in crossbreds. Of course the reaction will be very surprising to those outside the trade, especially in view of the-continued activity in crossbred circles, but several factors have been at work during tho past fortnight, all of which were bound to materially affect the market. For instance, there has been a good deal of uncertainty as to whether the War Office will be compelled to again buy big weights of khaki. From all one can malce out sufficient is being made to meet all requirements right up to next Christmas. . There are those who still think that the war will end quickly, but there is nothing whatever to indicate that—wo wish there was. Tho Gormans are offering very strong resistance, and are going to take some driving on to their own soil. Tho war will never terminate. until Germany sees devastation and Tuin among its own cities and towns. Those who should know strongly assert that huge stocks of khaki exist, and there aTe also big orders still to carry out. Therefore the AVar Office to-day is adopting measures which compel spinners and manufacturers to slacken their speed, and few indeed there are Vho seem keen to have another khaki order, recognising the dangerousness of such

materials. The duration of the war will entirely determine the future requirements of khaki. However, all alike havo been taking in sail, and we se© oil all hands loss keenness on the part of ysers to buy on forward account. J.hen, too, the financial state ot the market is not of the best owing to the long delays in getting wool turned into tops. Also, the near approach of the now English clip is now a potent factor, and therefore buyers have been determined to take in stocks at sensibly less money. Looking at halfbreds, these somehow are maintaining their ground better than the rest. A\e think scarcity is the principal cause, for no doubt less 50 6 to 56 s wools are being catalogued than we have been used to seeing. The fall is id. to Id. There is a very Jarge demand on the part of hosiery manufacturers for yarns spun from 50 s to 58 s wools, and therefore theso qualities are selling _ freely at less decline than is seen in lower qualities. When we come to 48's and below, there is a marked fall to record. Last series the bulk of wools made Is. 6d. to Is. /d., a huge quantity even making Is. ; 5d.. To-day Is. sd. is an exceptional .price, it laving to be a very good light-grown lob of wool to fetch Is. sd. ,to Is. ojd., most of tho offerings selling at 16Jd. AVe, therefore, feel disposed to put the average fall at lid. to 2d., and that shows where things stand to-day. In other words, wools that were selling in March at Is. 7Jd. are not to-day worth more than Is. s}d. [ Sliped crossbreds are doing splendidly, all tho top lines of lambs making steady and firm prices. This week we ' havo seen 2s 2jd. paid for sliped halfbred lambs, fine crosshrod also making , which indicate no change from March rates. The lower and more wasty descriptions are. if anything, m buyers' favour, although they do not show much more than Id. fall. j Scoured crossbreds are also doing very well, and making prices about equal to last series. Excellent Prices for Good Wools. One feature strikes us this week as being very pronounced, and that is the. excellent figures which have been paid for good wools. Last week some speculators' wools—superior comebacks— from West Victoria were offered, which came in for exceedingly good competition, Is. 6d. being a regular price for these parcels. Of course they showed up to perfection, and better will never be grown. One regrets that more of this class is not produced, but such wools can only be grown upon real tiptop country. Then last Monday a line of Queensland scoureds was offered, which certainly deserves honourable mention. The clip was marked JM/Rosevale, the scoured combing making from 2s. 2d. to 2s. 4jd., prices which certainly cannot be overlooked. As a matter of fact, anything special still realises very big_ figures, thanks to the activity of Russia in particular. Then if, we go to the New Zealand slipes we have also to mention the Gear brand, and those from the AVellington Meat Export Company, which are never in want of a customer. These half-bred lambs in both instances made. 2s. 2jd., fine crossbred 2s. Id., prices .which certainly indicate ' high-class : merit. Then, too, among the New Zealand wools we find that the Kaiwarra greasy half-bred made Is. 6d., El price that has not been exceeded this series, aiid vcTy good wools they were. AVhat we want to emphasise most is that for clips that show excellent breeding, real good character, and are light and attractive, exceedingly good figures are still being realised, but when we come to lank and file clips there is not enough merit to call forth suck high prices.